An analysis of financial literacy amongst non-banking students in Malta

Abstract

The aim of this research was to study financial literacy in Malta amongst non-banking students on the factors of financial knowledge, financial behaviour, financial attitude. These factors would help to achieve better understanding of financial literacy. In identifying the level of financial literacy amongst students, would help in developing further schemes to increase the level of financial literacy. A questionnaire was distributed online through the means of social media, to address the research question. Participants of the questionnaire comprised of 112. These participants answered different questions regarding financial knowledge, behaviour, and attitude. Even questions on pension, as this is of almost important due to long-term planning. The study revealed that there was no statistical significance between gender and financial knowledge, behaviour, and attitude. Additionally, there was no statistical significance between parents’ level of education and financial knowledge, behaviour, and attitude. Financial knowledge, questions were the least known as per the whole average. Most of the students did not know how the pension system work, compounding interest and that government is not always safe. The students would be careful of what they spend their money on, however, they would think of the day and let tomorrow take care of itself. At the same time, the participants would pay their bills on time and try to not spend more than their income.